‘Halal economy’ the biggest areas of new potential Commerce Minister
Commerce Minister Khandakar Abdul Muktadir yesterday emphasized the need to reduce reliance on traditional export products and focus on emerging sectors like building a strong and international standard halal ecosystem by utilizing the experience of the ASEAN region.
“Bangladesh needs to diversify its export basket by tapping high-potential sectors such as the halal economy,” he said while speaking as the chief guest at a seminar titled “Halal Ecosystem in the ASEAN Region and opportunities for Bangladesh” organized by the Bangladesh Institute of International and Strategic Studies (BIISS) at its auditorium in the city on Wednesday.
The minister said the halal economy is no longer limited to food and beverages, but now encompasses pharmaceuticals, cosmetics, modest fashion, tourism, logistics, technology, financing, and international certification.
“First, we need to increase our domestic production capacity to boost exports. For this, domestic and foreign investment is necessary, and we must ensure a safe and attractive environment for investors,” he said.
He also stressed the need to secure preferential market access through free trade agreements (FTAs), preferential trade agreements (PTAs), and economic partnership agreements (EPAs), particularly after Bangladesh graduates from the least developed country (LDC) category.
The commerce minister also said that Bangladesh needs an independent, reliable and internationally recognised halal certification system to build global confidence in Bangladeshi products and open up new markets.
Experts at the seminar highlighted Malaysia’s halal ecosystem as a model for Bangladesh, noting that Malaysia has developed halal as a comprehensive economic framework covering research, production, certification and marketing.
They said Bangladesh’s large domestic market and strong production bases in agriculture, food processing, pharmaceuticals, leather and readymade garments provide a solid foundation for the country to become a significant player in the global halal supply chain.
The seminar identified five strategic priorities for developing an internationally competitive halal sector: establishing an internationally acceptable national halal assurance framework; developing specialized halal industrial clusters with modern laboratories and advanced logistics; aligning existing production sectors with international standards; engaging SMEs, researchers and young entrepreneurs; and promoting the “Bangladesh Halal Brand” globally through economic diplomacy.
BIISS Director General Major General ASM Redwanur Rahman delivered the welcome address, while BIISS Research Director Dr. Mahfuz Kabir presented the keynote paper.
